How to Make Money as an NP

Are you looking to earn more money as an NP?

As a nurse practitioner, you have a unique combination of medical knowledge, diagnostic skills, and compassionate care that is highly valued in the healthcare industry.

With your advanced training and certification, you have a wide range of opportunities to earn extra money beyond your traditional NP role.

Whether you’re aiming to boost your income at your current job, explore side hustles, or start your own business, there are several paths you can take to monetize your skills and experience.

In this post, we’ll take a closer look at different ways you can make extra money as an NP, and how to find the right fit for you. 

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Earn More Money at Your Current Job

The most straightforward way to make extra money as an NP is by earning more at your current job. This can be done through various methods such as pursuing continuing education, negotiating a better salary, or taking on additional responsibilities. By seizing these opportunities, you can effectively demonstrate your value to your employer.

Here are a few ways to earn more money in your current job:

Pursue Continuing Education

Expanding your knowledge and abilities are among the best ways to enhance your earning potential. Continuing education and additional certifications can open doors to new job opportunities or promotions. There are many options if you’re looking to pursue continuing education, such as online courses, webinars, and precepting NP students.

Negotiate a Better Salary

If you feel that you’re being underpaid, don’t be afraid to ask for a raise. Before you ask, research the average salary for your specialty, experience, and location. Also, ensure you have a good argument for why you deserve a higher salary. The better you are at underpinning your argument with solid reasoning, the likelier you are to get that raise.

Choose a High-paying Specialty

As you’re probably aware, some NP specialties pay more than others. For example, emergency medicine and anesthetic specialties tend to pay more than primary care. If you’re looking to make more money, consider switching to a higher-paying specialty. This might require additional training, but it may also pay off financially in the long run.

Get More Hours

Finally, you can work more hours to increase your income. Pick up extra shifts or take on a leadership role. This can include taking on additional shifts or responsibilities within your current job, or seeking out new job opportunities that offer more hours or higher pay. Getting more hours can help you increase your income and take your career to the next level.

Create a Side Hustle

The second main way for an NP to make extra money is by creating a side hustle. A side hustle is a part-time job or business that you do outside your regular job. The possibilities for side hustles are almost endless.

With the right combination of skills, interest, and drive, an NP can use their knowledge and expertise to create a successful and profitable side hustle.

Here are a few ideas for side hustles you can pursue as an NP. 

Telehealth 

Telehealth is a rapidly growing field that allows nurse practitioners to provide virtual care to patients. With telehealth, you can work part-time to supplement your income or work full-time and enjoy the freedom to work from your location of choice. Telehealth is a great option for NPs who want more flexibility and more control over their schedule. 

Earning potential: The average hourly salary for a Telemedicine Nurse Practitioner in the United States is around $35. However, it’s important to note that this is just an estimate and pay can vary depending on a number of factors such as location, experience, and education. 

Healthcare Writing

If you have a knack for writing, you can pursue freelance writing opportunities in the healthcare field. There are several nursing schools, healthcare associations, medical centers, and medical publishers that are looking for quality content. Healthcare writing is a great way to share your knowledge and experience with others. 

Earning potential: The average hourly pay for a Medical Writer job in the United States is $33. However, the range of pay for this profession can vary greatly, with some Medical Writers earning up to $70 or more per hour. 

First Aid Course Instructor

As a nurse practitioner, you should be fully qualified to conduct first aid courses. With that said, enquire with potential course providers to see if you need any other credentials or certifications to work with them. You can also teach such courses on your own, but check with your state and legal counsel first to make sure you don’t open yourself to liability issues. 

Earning potential: The average salary for a first aid instructor in the United States lands at $30 per hour. Many NP’s have strong skills in emergency care, and this can be a great way to utilize those skills and potentially make a meaningful impact on the community.

Medical Coding

When healthcare is provided, the reports are sent to medical coders who match them with the insurance billing and government standards of care. Medical coding involves assigning codes to diagnoses and procedures to facilitate the billing and reimbursement process. Although you’ll need special training for this type of work, your clinical background and education will give you a significant head start. 

Earning potential: According to the Bureau of Labor Statistics (BLS), the median average salary for a medical billing and coding professional is $22.43 per hour. However, as with the other side hustles, many factors can influence an individual’s earning potential in this field.

Per Diem Shifts

Per diem shifts are shifts that you work on an as-needed basis, rather than a set schedule. When you enroll for per diem shifts at hospitals, care facilities, and other healthcare settings, you can often expect a great demand for your talents. The best part of per diem shifts is that the employer understands that you only work when the timing is convenient for you. 

Earning potential: An analysis by ZipRecruiter showed that in 2021, the hourly rate for per diem nurses ranges from $23 to $33. To get started with per diem shifts, contact local healthcare facilities and inquire about opportunities.

Legal Nurse Consulting (LNC)

Legal Nurse Consulting (LNC) is a field where nurses use their clinical expertise to assist lawyers and insurance companies in medical-related legal cases. LNCs review medical records, provide expert testimony, conduct research and more. To be an LNC, you must have a nursing degree as well as clinical experience, plus most likely a specific certification.

Earning potential: The hourly wage for a Legal Nurse Consultant in the United States averages $38 per hour. As an LNC, you may work in institutions such as law firms, insurance companies, or government agencies, or healthcare organizations.

NP preceptor

Becoming a preceptor is a fantastic way for NPs to earn extra money while also giving back to the profession – especially if you love to teach. As a preceptor, you work with new NP students, providing guidance, mentorship, and hands-on training. This can include leading clinical rounds, supervising patient care, and providing feedback on performance. 

Earning potential: The hourly wage for precepting NP students differs between states, specialties or even schools. Some universities pay for preceptors, but this is not the norm. 

If you are looking for a reliable precepting opportunity, book a free call with an NPHub preceptor recruiter today. 

How to Find the Right Side Hustle for You

Finding the right side hustle as a nurse practitioner (NP) can be a bit overwhelming with so many options available. However, by taking the time to assess your skills, interests, and lifestyle, you can narrow it down to find the right option for you. 

Here are a five steps to help you find the right NP side hustle:

1. Consider your lifestyle: When evaluating potential side hustles, it’s important to consider your lifestyle. For example, if you have a family and a full-time job, you may not have the time or energy for a side hustle that requires a lot of travel or a significant time commitment.

2. Talk to other NPs: One of the best ways to get a sense of what a side hustle is like is to talk to other NPs who have experience with it. Reach out to colleagues, friends, or acquaintances who have started their own business or have a side hustle and ask them about their experiences.

3. Assess your skills and interests: Also assess your skills and interests. Consider what you’re good at, what you enjoy doing, and what you’re passionate about. This will help you identify opportunities that align with your strengths and interests, making them more enjoyable and rewarding.

4. Research the options: Once you have a general idea of what type of side hustle you’re interested in, it’s time to start researching the options. Look into different types. Research the earning potential, required qualifications, and the demand for each opportunity.

5. Take action: Once you’ve found a side hustle that seems like a good fit, it’s time to take action. Start by taking small steps, such as researching certification or training programs, or reaching out to potential clients or employers. As you gain more experience and confidence, you can start to expand and take on more projects.

Start Your Own Business

Starting a business as a Nurse Practitioner (NP) can be a great way to provide specialized and personalized care to patients. While it may be the most challenging option, it can also be the most rewarding – both in terms of money and job satisfaction. Below are a few NP business ideas to get your creative juices flowing.

Each of these options provides different benefits, such as reaching patients who may not have easy access to traditional healthcare, providing a flexible work schedule, and leveraging medical knowledge and skills to provide a high-demand service. 

It’s important to research and plan before starting a business, and to understand the legal and regulatory requirements for each type of venture.

Telemedicine Practice 

With the rise of telemedicine, many NPs are expanding beyond side hustles and starting their own telemedicine practices. This allows them to provide virtual consultations to patients in the comfort of their own homes. Telehealth can be a great way to reach patients who lack easy access to healthcare facilities, and can also provide a flexible work schedule for you as an NP.

Concierge Medicine Practice

Many NPs are starting concierge medicine practices which provide personalized, one-on-one care to patients. This type of practice allows NPs to charge a membership fee for exclusive access to their services, and can provide a stable income stream.

Health Coaching Business

As an NP, you can start your own health coaching business to help patients achieve their health and wellness goals. This can include developing personalized plans, providing ongoing support, and offering group classes or workshops.

Home Health Care Agency

Another option is to start your own home health care agency to provide in-home care services to patients who are recovering from illness or injury. This can involve tasks such as wound care, administering medications, and providing physical therapy.

Medical Aesthetics Practice

Finally, several NPs are starting their own Medical Aesthetics practice to provide non-surgical cosmetic treatments such as Botox and filler injections, laser hair removal, and skin rejuvenation. This can be a great way to use your knowledge to offer an in-demand service.

How to Start Your Own Business

There have been hundreds (or thousands?) of books written on how to start your own business, and a comprehensive breakdown is out of scope for this blog post. Instead, here’s a quick rundown of what you’ll need to start your NP venture.

First, you’ll need to complete the necessary training and certification for the procedures you want to offer. Next, you’ll need to secure a location for your business.

This can be a physical storefront, or it could be a mobile clinic that you take to different locations. Even if this is a telemedicine practice, you should aim to create an environment where patients feel safe. 

Once you have your location and equipment, you’ll need to market your company to potential clients. This can be done through channels like social media, paid ads, and word of mouth. This way, you’ll be able to spread the word about your business and start attracting patients.

Finally, you’ll need to keep up with the latest industry trends and developments. This is important for you as an NP, and also to ensure that your business stays competitive.

Starting your own business as a nurse practitioner can be a major undertaking. It requires a significant amount of time and effort to start, market and maintain. On the other hand, it also offers a great deal of flexibility, and it can be immensely rewarding in the long run.

Conclusion

Making extra money as a nurse practitioner is a great way to supplement your income and achieve your financial goals. Whether it’s through negotiating a higher salary or precepting NP students, there’s a plethora of opportunities available. Then there’s the option to go all in and start your very own business – the potential project of a lifetime. 

Regardless of which direction you choose to go, it’s important to research and evaluate the various alternatives to determine the best fit for you and your lifestyle. Also remember to consult the appropriate professionals – like lawyers, accountants, or insurance agents – before starting out to make sure you’re in compliance with all the laws and regulations.

With the right approach and a bit of hard work, you can use your nursing expertise to take your career – and your income – to the next level.